Traction elevators are the most common types of elevators. The elevator car is pulled up by a rolling wire rope on a deep grooved pulley, commonly referred to as an industrial pulley. The traction elevators are commonly used in commercial and residential buildings. Currently, the traction elevators are utilizing flat steel belts rather than conventional steel ropes. Flat steel belts are very lightweight and because of their carbon fibre core and high-friction coating, these can function without oil/lubricant. Therefore, elevator energy consumption among high-rise buildings can be controlled considerably, which increases their adoption in the building.
Market Scope and Structure Analysis
Rise in the infrastructural projects of commercial buildings like offices and shopping complexes help drive the growth of traction elevators. The demand for energy consumption in high-rise buildings is another factor expected to enhance the adoption of traction elevators and thus influence the market growth. In addition, favourable government support in construction industry especially the residential sector is projected to experience growth and provide lucrative growth opportunities to the players operating in the traction elevators market.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the traction elevator market attributed to the lockdown globally. This has hampered the growth of traction elevator market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of traction elevator market in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for traction elevator was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for traction elevator products.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Traction elevator market manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses, whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- Traction elevator market are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies activities witnessed were acquisitions, and partnerships & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from traction elevators market are anticipated to lucrative growth opportunities in the future with the rise in demand for traction elevators in the global market. Below mentioned is the list of few companies engaged in the traction elevators market. Rise in need for maintenance & modernization of elevators is another factor enabling the growth of the market. Elevators are maintained under full-service contract agreements due to high labor costs and short service cycle. Rise in concerns of aging infrastructure in North America and Europe are likely to drive the need for elevator services and modernization. However, the maintenance of elevators is influenced by factors including equipment base, regulatory landscape, and service costs across different countries.
- Product development strategy refers to the methods and actions used to bring new products or modify existing products to create new business. For instance, installation of lifts and elevators consumes a lot of building space which is used for lift shafts. For an efficient lift system, it is important that it uses as little space as possible. Elevator manufacturers from all over the globe have been working hard to harness the latest technologies to develop space-efficient lifts and elevators. The machine-roomless elevators or MRL elevators are hydraulic lift designs that do not require additional machine space. These lifts save a lot of space and energy. Thus, S.H. Elevators Pvt. Ltd. developed this new type of traction elevator which has helped the construction industry to a great extent.
- The launch of new products that contain improved capabilities has been introduced by the leading market players. Necessary steps have been taken to improve the accuracy of devices and overall functionality. For instance, MULTI is an ambitious lift system by Thyssenkrupp. MULTI elevators Thyssenkrupp elevator are the first cable-less elevator in the world to move both horizontally and vertically. The lift works on liner motor technology to reduce time and energy consumption. The buildings are becoming taller and wider with more complex structures with rise in urbanization. The traditional regular elevators cannot do justice to the aesthetics and requirements of the buildings. Thus, the architects and designers are looking to go beyond the normal. This is where Thyssenkrupp elevators come into the scene. The lift shafts move vertically as well as sideways. It conveniently validates urban mobility needs.
- Proper maintenance is utmost essential for traction elevators. TK elevator in India installs, maintains, and also modernizes the elevators as per the requirement of the customers.
Key Benefits of the Report
- This study presents the analytical depiction of the traction elevator market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the traction elevator market share.
- The current market is quantitatively analysed to highlight the traction elevator market industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed traction elevator market analysis based on competitive intensity and how the competition will take shape in the coming years.
Key Market Segments
- By Order Type
- Geared Traction Elevators
- Gearless Traction Elevators
- By Application
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Savaria,
- Delta,
- Delaware Elevator,
- Kone,
- ESCON,
- Oscan Elevators,
- Otis Elevator Company,
- Schumacher,
- Schindler, Thyssenkrupp